Core Viewpoint - Wuling Motors is positioned as a leading player in the new energy vehicle supply chain, with significant growth potential driven by increasing demand and market expansion in China [1][2][3] Industry Overview - The China Automobile Association forecasts that total vehicle sales in China will reach 32.9 million units by 2025, representing a year-on-year growth of 4.7%. Among these, new energy vehicles are expected to account for approximately 16 million units, with a year-on-year growth of 24.4% [1] - The automotive parts market in China is projected to reach 4.62 trillion RMB by 2024, with a compound annual growth rate (CAGR) of 9.4% from 2025 to 2030, potentially reaching 7.5 trillion RMB by 2030 [1] Company Performance - Wuling New Energy, in which Wuling Motors holds a 20.875% stake, saw its sales in Q1 2025 increase by 93% year-on-year, exceeding 4,000 units, with record monthly and daily sales [2] - Wuling Motors is leveraging its self-developed control chassis platform and intelligent driving systems to introduce various smart autonomous vehicles, enhancing its product offerings [2] Financial Metrics - Wuling Motors is estimated to achieve a compound annual growth rate of 59.5% in shareholder profit from FY24A to FY27F [3] - The projected price-to-earnings ratios (P/E) for FY25E and FY26F are 16.0x and 11.6x, respectively, indicating undervaluation compared to the industry averages [3] - The company maintains a net cash position of 630 million RMB by the end of 2024, providing financial resources for potential dividend increases or share buybacks [3]
京基证券：维持买入五菱汽车(0305.HK)建议，目标价维持于0.81港元